- The Federal Reserve and the European Central Bank both raised interest rates by a quarter point.
- Turkey's central bank increased its main interest rate, but the rise was smaller than expected.
- China appointed Pan Gongsheng as governor of the People's Bank of China, combining the roles of governor and Communist Party secretary.
- The IMF revised its global economic growth forecast to 3% for this year, with Britain no longer expected to fall into recession but Germany's economy forecast to shrink.
- UBS was fined $387 million by the Federal Reserve and the Bank of England for misconduct at Credit Suisse, which UBS recently acquired.
Credit Suisse, now a subsidiary of UBS, reported a second-quarter loss of 3.5 billion Swiss francs ($4.0 billion), aligning with its earlier forecast of a significant pre-tax loss, attributed to restructuring and financing costs.
Switzerland's Competition Commission is investigating UBS's acquisition of Credit Suisse, with the results expected to be sent to FINMA by the end of September.
UBS will release its first earnings report since acquiring Credit Suisse, revealing the extent of damage to Credit Suisse's reputation, potential outflows of clients from UBS, decisions regarding the future of Credit Suisse's Swiss arm, expected job cuts, and a focus on restructuring rather than net profit.
Credit Suisse will reduce its new markets business and UBS will focus on consolidating new client activity as they integrate following their merger.
Swiss banking giant UBS plans to reduce its workforce by around 3,000 jobs, or 8% of staff, in Switzerland as part of a cost-cutting program following its acquisition of Credit Suisse, amid controversy over the deal.
UBS has reported a record-breaking profit of $28.88 billion in the second quarter, the largest ever reported by a bank.
Switzerland has been urged to prepare for the potential failure of UBS, the country's largest bank, following the collapse of Credit Suisse, with experts calling for improved readiness and regulatory reforms.
The collapse of Silicon Valley Bank and the subsequent regional banking crisis has resulted in major economic and regulatory repercussions for banks worldwide; however, some major banks, such as UBS and JPMorgan, are emerging as clear winners with record-high profits after making strategic acquisitions.
